Deep67

Eh..life's a garden ..dig it. FCF tech growth focused

[Retail Mourinho @retail_mourinho]

Kraken Robotics $KRKNF 🦑 deep dive by my friend @CoffeeStocksGuy.

Everyone who is thinking about buying into $KRKNF should read it.

[Deep67 @billdeep67]

@TheWiseIC I almost did leaps today but I don’t have the stomach lol..even though I’ll look back in 6-12 month and laugh

[Tech Equity Engineer @TechEquityEng]

🚨 Uber, Autobrains, and NVIDIA just announced a robotaxi program in Munich.

A few details stood out:

• Built on NVIDIA DRIVE Hyperion
• Powered by Autobrains’ autonomous driving technology
• Designed as an OEM agnostic platform that can work across multiple vehicle manufacturers
• Initial focus on Munich, Germany

They’re building a framework that can be deployed across different vehicle platforms instead of being tied to a single automaker.

That flexibility could be a big advantage as robotaxi adoption expands.

Its great to see Uber continue adding autonomous driving partners while NVIDIA positions DRIVE Hyperion as a common foundation for large scale deployments.

What makes Uber especially interesting as an investment is that it’s steadily becoming the aggregation layer for transportation and logistics. As autonomous vehicles scale, Uber can integrate with the winners and provide demand, routing, payments, and fleet utilization.

Relative to the size of the global market Uber can address, its roughly $150B valuation still looks remarkably attractive. In fact, it's the only stock in my portfolio that I believe has a credible path to reaching a $1T valuation in the medium term.

$UBER $NVDA

-T.E.E.

[amit @amitisinvesting]

You know what I’ve started to really think about…

In 2008, those that called the housing crisis had something that the entire stock market did not have: data around the housing crisis.

Now, the data was available to the entire market, but only a few people chose to deeply study it and interpret what could happen.

In today’s AI driven stock market, the only way for there to be a 2008 like crash is if there is something underneath the surface that the market is completely ignoring.

That would have to be the smoking gun that someone finds out about and can then use to determine what would crash the entire rally.

But…isn’t everyone already looking for that?! Like, aren’t people obsessed with trying to find out how the bubble pops?

We have people daily dedicating every bit of their research to find out how this breaks. Every argument, whether it’s circular funding or capex slows down or higher inflation etc is theorized about daily.

It’s almost like we have so many people afraid of the dot com bubble happening again that there is an OVER emphasis on all the things that can go wrong (which is healthy) and as a result, every massive bear case is already out there…already discovered…already priced in.

Which means that if every market participant is analyzing every single thing that could go wrong, there is going to need to be a REALLY good and original bear argument for things to go bad.

Everytime you hear a bear case, it should be more original and something you haven’t thought of because if not, it might have already been discovered and not actually be a bear case.

[Deep67 @billdeep67]

@HolySmokas @HolySmokas soooo on a port this size are you selling any CCs?

[CapexAndChill @CapexAndChill]

$UBER owns a 37% financial stake in Delivery Hero. They built this position carefully and achieved a cost base in the low 30s. Delivery Hero is currently reviewing its strategic options. Because of its large stake, Uber has a direct seat at the table for whatever outcomes happen. Uber is not looking for a messy global takeover. It wants to buy specific profitable markets that match its current geographic footprint. Uber has a strong ride business in the Middle East but does not offer delivery there. Delivery Hero has strong, profitable positions in the Middle East, Argentina, and South Korea. Uber believes it can run these international assets on its own global tech stack to increase profits. Uber has a strict rule for any purchase. The purchase must quickly grow adjusted earnings per share. If an acquisition cannot beat the financial return of Uber buying back its own stock, they will choose to buy their own shares instead.

[Michael Lange @MephistoVeritas]

$RDDT and $Shopify have officially launched their native integration into General Availability for global advertisers. Following March testing, all merchants can now seamlessly sync catalogs and deploy a codeless Reddit Pixel.

We’re starting off big:

"Reddit has emerged as one of the most powerful yet untapped growth engines in the media mix."

While people panic over Meta and Google's
"zero-news", Reddit is printing unreal data:

TransUnion research shows performance outcomes deliver more than 2x the incremental ROAS compared to the media plan average ($12.52 return for every dollar spent in NA). In EMEA, retail advertisers increased their spend by over 8x (2023-2025) while other paid social platforms shrank by 6%. This is a true "one of one" asset.

The closing of the earnings gap should not be a cause for concern. Everything is moving according to plan, repeating the exact structural pattern for the 4th time since May 2024.

Love to see this macro tailwind: +9% on the news. I bought more shares before the market open—currently sitting on an
personal loan plus the spot position I’ve built over the last 7–8 weeks. High conviction, but will be worth it.

Full details and retail research:
👉 https://t.co/vyaEl63XT4

[Deep67 @billdeep67]

@YodaStockInvest One word …greed…

[Kaushik @WisemanCap]

$RDDT DA Davidson

Our analysis of Similarweb traffic points to DAUq growth of 20.3% Y/Y in 2Q (vs. consensus of +18.0% Y/Y. Google is actively making changes to its search, and provided samples of Reddit user comments directly within Google's AI overview, arguably removing the need for searchers to click through to Reddit. We would argue that Google's continued focus on further integrating Reddit into its AI overviews shows the value of Reddit's platform, and the high frequency of citations likely bodes well for the upcoming renewals w/ both Google and OpenAI. We also note that our weekly tracking of subscribers across the top 1,000 subreddits shows stable W/W growth, and we haven't observed any growth decel vs. when we first started tracking this in March. Buy PT $200

[Five Points Capital @fivepointscap]

$RDDT is still down 32% YTD despite just minting their 7th consecutive quarter of 60%+ revenue growth.

The company can drive significant ARPU growth through increased ad loads, and AI driven improvements in ad targeting and conversion rates.

Operating margin is now 27.6% in Q1, up from 1% the previous year and will continue expanding into the 40-50% range.

Net dilution over the trailing twelve months is now just 0.62%

The business is extremely capital light, with just $1M (yes, million) of capex in Q1.

The forward P/E multiple is 29.9x and that’s based on a sandbagged EPS figure. True forward P/E is probably around 25x, for again, 7 straight quarters of 60% revenue growth, huge margin expansion, and extremely low capital intensity.

Not to mention, a durable moat that has been tested several times over the past twenty years. $RDDT may be new to the public market but reddit is NOT a new platform. They’ve been building their moat for over two decades and it’s extremely strong.

Add in S&P 500 inclusion which is only a matter of time, and $RDDT is set to explode higher.

[Deep67 @billdeep67]

@StockMarketNerd Agree with this post completely , I have a hard time seeing anybody I associate with on RDDT reload up there FB acc to participate on there app using there personal name on some of the ( random ) topics they jive in on Reddit with! Gonna be a hard audience grab from RDDT users.

[Patrick @TemptInvest]

All I’ve seen on my timeline all year has been bearish takes on $RDDT, but this past week has been the worst…

I want to break down what’s actually happening.

The Meta Forum thing (standalone iOS test app for FB Groups, quiet launch, no big announcement, focused on “deeper discussions and real answers from real people”).

Stock dipped ~6% and bears are yelling “Reddit killer,” casual users will bleed over, no moat, game over. Same old “slowing growth / AI hype fading / overvalued” chorus too.

But let’s look at what you actually own after that Q1 2026 blowout.

Q1 numbers were a straight beat:
• Revenue $663M (+69% YoY)
• Ad revenue $625M (+74% YoY)
• Net income $204M (31% of revenue)
• GAAP EPS $1.01 (7x last year)
• Adj. EBITDA $266M at 40% margin
• FCF >$300M at ~47% margin
• Gross margin 91.5%
Seventh straight quarter of >60% growth. Capital light, profitable, and compounding hard.

On user growth “slowing” (classic bear take):
DAUq hit 126.8M (+17% YoY), international ripping +26%, US at 53.5M (+7%). Management is laser focused on quality, frequency, onboarding, search, and personalization to hit their 100M daily US users goal. ARPU is climbing (global $5.23, US $9.63) because there monetization is working. This isn’t spray and pray Akimbo FMG9s from Mw3 adds, it’s sticky, intent driven communities people actually live in.

Now the Meta Forum app specifically

why this is a nothing burger:

It’s early, iOS only test, still tied deep into the Facebook Groups ecosystem. Requires a full FB login where your profile and activity carry over, that alone kills it for a ton of use cases.

Reddit’s magic is anonymity + hyper specific niche subreddits where people post raw, unfiltered stuff on personal or controversial topics they’d never tie to their real name FB profile.

Habits are insanely sticky here.

Threads didn’t kill X. Meta tried a dedicated Groups app years ago and killed it. This feels like another half hearted copy that validates the forum space is valuable, not that it’s commoditized or easy to steal.
Bears (like Truist) talk about gradual casual user erosion for quick answers, but core Reddit users aren’t leaving for a FB adjacent feed. Reddit has karma, search depth, subreddit loyalty, and a culture Meta can’t just replicate overnight. If anything, it proves big tech is chasing what Reddit already owns.

AI licensing “hype fading”?
Complete opposite —

The stock hasn’t even priced in a fraction of this upside yet. These deals went from basically zero pre IPO to a high margin, near 100% structural revenue line (Other revenue hit $39M in Q1, +15% YoY). Google and OpenAI are locked in, but we’re already seeing talks of renewals shifting to usage based and dynamic pricing, Reddit gets paid more as their data becomes even more critical to AI answers and search results. That’s huge leverage.

Think bigger:
More AI players will need fresh, authentic human conversation data at scale (this isn’t something generic web scrapes can replace). Potential for deeper product partnerships beyond flat fees, maybe even co built tools. Reddit’s backing standardized licensing frameworks too, which could open the floodgates to broader deals. This is a second engine on top of ads with insane margins that compounds as AI demand explodes. Wall Street is still mostly pricing the ad business, the data upside is underappreciated and not baked into today’s mktcap.

Moat layers bears keep missing:
1. Community/network effects - real discussions in real niches.
2. Data moat - the richest source of human convos that AI companies pay for and will pay more for.
3. Monetization moat - performance ads >60% of revenue, Reddit Max (AI ad automation) in beta already showing better ROAS.

Valuation looks reasonable for a scaled, profitable platform with this growth, cash generation, and dual AI + ads tailwinds. The YTD pullback and today’s dip feel like classic overreaction to short term noise.

I’m long*

[Tech Equity Engineer @TechEquityEng]

“Uber is just an app” is usually how you can tell someone has never worked anywhere near large scale software systems like $UBER.

Still a common take, even among large accounts on X.

The UI is simple on purpose. That is the product (think $AMZN, $ABNB, $BKNG, etc.).

What it hides is one of the most complex AI driven marketplaces in the real economy, moving ~40 million trips per day across 70+ countries.

Behind a few taps:

• Real time marketplace balancing between riders and drivers
• Dynamic pricing reacting to live supply and demand
• Dispatch and routing decisions at massive scale
• ETA prediction using live traffic and historical data
• Fraud and risk systems trained on billions of events
• Customer support handling global edge cases
• Payments and compliance across regions
• City by city regulatory execution

Then the part most people miss.

The data moat.

Every trip improves the system. Every market added strengthens the network. Every interaction feeds models that get harder to replicate without operating at the same scale.

And the ecosystem keeps expanding across OEMs, fleets, restaurants, delivery partners, and governments.

That compounding integration is the moat.

Anyone can build an app via Claude, Gemini, or ChatGPT today in a weekend.

Very few can run an AI powered real world marketplace at this density.

Pick your follows wisely…

-T.E.E.

[Tech Equity Engineer @TechEquityEng]

$RDDT is a $300 stock trading at $150.

People still think the AI race is mainly about who has the best model.

I think the bigger battle is for data.

LLMs need constant streams of fresh human conversation to stay useful. Not outdated webpages from 3 years ago.

That’s why I keep getting more bullish on $RDDT.

Reddit has millions of people discussing:
• products
• coding
• travel
• finance
• gaming
• relationships
• literally every niche imaginable

And it’s updated every second by real humans.

This is the kind of data AI companies desperately need.

Meta has its own ecosystem.
Google has Search, YouTube, and even partnered with Reddit.

But OpenAI (ongoing partnership) and Anthropic (lawsuit in progress) don’t own a massive consumer platform where people openly share thoughts, questions, opinions, and experiences every day.

That’s a huge strategic advantage for Reddit.

The internet is becoming increasingly AI generated.

Authentic human conversation is becoming more valuable, not less.

[Braden Dennis 📊 @BradoCapital]

My $CSU.TO raw notes from this morning's AGM:

- Opened with a video showing year-by-year acquisitions across operating groups. Seeing gross/recurring revenue alongside capital deployed was impressive with over 1,300 acquisitions during their 30 year run.

- Core message remained consistent:
- Decentralization
- Decisions pushed to business units
- Small teams
- Buy-and-hold forever mindset
- No PE-style flipping

- Scale highlights:
- 69K employees
- 1,500+ business units
- 1,300+ acquisitions
- 100+ countries
- 150+ vertical markets

- Conventional org charts are NOT how CSI operates

- HQ exists to coach, not control

- Nyland (Lumine) mentioned speaking with their telecom customers about potential acquisition opportunities that improve service to end customers

- Concentrating talent within verticals is a major edge. Deep knowledge in transportation with Bill Delaney (CEO of Modaxo, part of Volaris) runs transportation software services for 3,000+ cities and governments

- Mark Miller's AI comment:
- “It’s about what you actually do, not what you say you’re going to do”
- Short-term leaders focus on what they say, not execution

- Vertical markets require deep industry expertise, even in the AI era

- Founder who spoke on a panel sold to CSI in 2018 is now fully out of that business and running an academic vertical inside completely outside of the operating unit he sold to

- Interesting pattern: founders often stay within Constellation in new leadership roles years later

- Agentic coding is helping them build more software faster
- Some companies are fully rebuilding and modernizing products from scratch — previously inconceivable pre-agentic coding

- CSI is hosting many AI hackathons to:
- Produce new products
- Rebuild outdated systems
- Modernize software untouched for decades

- Potential upside:
- Longer product life cycles
- Lower churn

- CSI increasingly investing in “PEMS” in other words taking stakes in other public software companies. Miller sees value in public markets and mentioned on the earnings call last week that private valuations haven't moved while publics get smoked.
- PEMS = Permanent Engaged Minority Shareholders
- Holding long term, not trading the equities

- Brief mention of Mark Leonard at the start, then not referenced again... Company remains very private about his health

- Mark Miller:
- “We really haven’t seen any AI-related attrition of customers”

- Software businesses are not just products, they are Companies:
- Support matters
- Sales matters
- Services matter

- Customers don’t ask for AI. Customers ask for solutions. If AI improves the solution, great

[Deep67 @billdeep67]

@cyberprince_rwo @cyberprince_rwo what’s a leap lemme hear
It! Ive heard enough I’m taking a leap

[cyberprince @cyberprince_rwo]

The ultimate Reddit thesis and the reason why Prince won't stop talking to you about it:

The path from today’s valuation to a possible trillion dollar outcome for $RDDT is not one catalyst. It is several massive flywheels stacking together at the same time.

The market is starting to realize Reddit is no longer “just a forum website.”

It is becoming: The human data layer for AI

- A next generation intent driven advertising platform.
- A search engine for opinions and recommendations.
- Potentially a commerce platform powered by community trust.

The biggest upcoming catalysts are these:

1. AI Data Licensing Explodes

This is probably the single most important long term catalyst.

Reddit already has deals with Google and OpenAI, and the entire AI industry is becoming desperate for high quality human conversation data.

The critical point:

AI models are running out of premium human generated data.

Reddit has:

billions of authentic discussions
niche expertise communities
product reviews
emotional conversations
technical troubleshooting
real human opinions

That dataset is nearly impossible to replicate.

If frontier AI models become trillion dollar industries themselves, paying Reddit billions annually for training and retrieval data becomes rational.

The market currently treats Reddit licensing revenue as a side business.

It could eventually become one of the highest margin data businesses in the world.

2. Reddit AI Search Becomes a Monster

This may become the company’s defining product.

Reddit has openly said AI powered search is their next big opportunity.

Why this matters:

Traditional Google search is weakening for recommendation queries.

People increasingly search:

“best laptop reddit”
“best protein powder reddit”
“moving to madrid reddit”
“how to fix shoulder pain reddit”

because they trust humans more than SEO spam.

Reddit Answers and AI search combine:

generative AI
real discussions
authentic human perspectives

That is a fundamentally different search experience.

If Reddit captures even a small portion of commercial intent search from Google, the economics become enormous.

Search advertising is one of the biggest profit pools in tech history.

3. AI Powered Commerce and Shopping

This is massively underrated.

This is potentially huge because Reddit already influences purchasing decisions at scale.

People already use Reddit before buying:

watches, GPUs, cars, supplements, skincare, electronics, software, almost everything.

The difference is Reddit historically captured almost none of the transaction economics.

Now they are trying to monetize recommendation intent directly.

If Reddit successfully becomes the trusted recommendation layer of the internet, then commerce revenue could explode.

That market is gigantic.

4. Advertising ARPU Still Has Massive Room

Compared to Meta, Reddit monetization is still early.

Yet revenue growth has been extraordinary:

69% revenue growth
74% ad revenue growth

The important part:
Reddit ads are becoming much better because AI improves:

targeting
contextual relevance
conversion optimization
ad generation

Unlike Instagram or TikTok, Reddit users reveal intent directly in conversations.

Someone posting:
“Best EV under $50k?” is insanely valuable advertising inventory.

That intent signal is worth far more than passive scrolling.

5. International Growth

International monetization is still underdeveloped.
That is a classic hyper scale internet company setup:

global audience
low international ARPU
monetization catches up later

As Reddit improves: translations, localization, AI moderation and onboarding, international revenue can compound for years.

This is exactly what happened with Meta historically.

6. Google Search Dependence Is Shrinking

Historically, one Reddit bear case was:
“What if Google stops sending traffic?”

But AI search changes the equation.

Reddit increasingly becomes a destination itself rather than just indexed content.

If users open Reddit directly for:
answers
recommendations
AI summaries
shopping discovery

Then, the platform power increases dramatically.
That improves long term durability.

7. The “Human Internet” Scarcity Premium
This is the deepest long term bull thesis.

AI generated content is exploding everywhere.

But authentic human interaction is becoming more scarce and valuable.

Reddit may become one of the few remaining scaled repositories of:

real opinions
real expertise
real communities
real debates
real emotional discussion

In an AI saturated world, authentic human networks may deserve premium valuations.

That could justify valuation multiples the market currently thinks are impossible.

What Would Need To Happen For $1 Trillion?
A trillion dollar market cap would likely require Reddit to evolve into something like:

a dominant AI search layer
a core infrastructure provider for AI companies
a massive global ad platform
a commerce recommendation engine
one of the primary “human data” networks on Earth

That sounds extreme today.

But:
Meta was once “just Facebook”
Amazon was “just books”
Google was “just search”

The biggest upside is that Reddit may own one of the most strategically valuable datasets in the AI era.

[Bilaal- BD investing @bdinvestingg]

The real winners of the AI supply chain $VRT $VST $AMD $MU

https://t.co/Ilv1rp4E3K

[Miguel Dabán Baines-MDBbolsa @MDBBolsa]

Hoy, $CSU.TO presenta resultados del Q1

A falta de la call, esto es lo que tenemos

Constellation acaba de publicar un gran trimestre. A falta de ver la reacción del mercado, los números de adquisición de capital son directamente absurdos.

• Ventas +20%
• Orgánico +6% (+2% en moneda constante)
• FCFA2S +44%

Desplegaron 809M$ en adquisiciones durante el trimestre (697M$ cash + 112M$ deferred) y, además, ya llevan otros 786M$ cerrados o comprometidos después del cierre de marzo. 1.6B$ YTD 😎

El run-rate anualizado de adquisiciones se va a ~3.8B$. Muy por encima del récord histórico de CSU (~2.46B$ en FY23). Y eso cambia bastante la conversación sobre crecimiento futuro.

Además, el segmento realmente importante (Maintenance & Other Recurring) aceleró al +9% orgánico (+4% en CC).

Lo único que sigo sin entender es Professional Services. En teoría, toda la mejora de producto ligada a IA debería empezar a monetizarse ahí antes que en ningún otro sitio. Y, aun así, sigue sin despegar.

Puede ser simplemente timing. Pero es probablemente el único punto donde esperaba más.

Aun así, el trimestre refuerza la misma tesis de siempre:
• CSU sigue encontrando muchísimo capital que desplegar.
• El mercado vertical de software sigue ultra fragmentado.
• Y la máquina operativa continúa intacta.

Estaría cotizando a 17X

Tenéis un art. en abierto en el S**bst**ck 🔓🟠

[The Few Bets That Matter @WealthyReadings]

@EndicottInvests You just don't spend enough time on my subtack
https://t.co/dNyhSSSSSc
https://t.co/QhvcKzzXnH